Results for "broker-dealers"

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Team managing $100 million at Morgan Stanley leaves to form hybrid

August 26, 2019

A Morgan Stanley team led by Matt Meline, who managed $100 million in Des Moines, Iowa, has formed a hybrid firm, PrairieFire Wealth Planning, and affiliated with the broker-dealer and registered investment adviser platforms of Sanctuary Wealth....

Advisor Group acquisition financed by debt rated 'junk' by S&P

August 23, 2019

The $1.6 billion in debt issued to finance the recent acquisition of Advisor Group has been rated below investment grade — commonly known as junk bonds — in a report this month by S&P Global Ratings. Reverence Capital Partners, a private...

Annuity yield in short supply as interest rates falter

August 23, 2019

Attractive annuity yields are in increasingly short supply as long-term interest rates have faltered and there is a likelihood of even more downward pressure. Let's look at multiyear guarantee annuities as an example. Some MYGAs, a type of fixed...

How a Venezuelan immigrant built a flourishing financial advisory firm

August 22, 2019

Bellaria Jimenez was just 7 years old when her family left Venezuela for North Bergen, a New Jersey township just across the Hudson River from New York. Ms. Jimenez, who heads three MassMutual brokerage branches in New Jersey, remembers her...

UBS hit with $4.4 million arb award over Puerto Rico bonds and funds

August 22, 2019

A group of investors who bought Puerto Rico bonds and closed-end funds won a $4.4 million arbitration claim against UBS Financial Services Inc. and its related business in Puerto Rico. The three investors and related trusts and businesses initially...

SEC bars Financial Sherpa head for cherry-picking trades

August 21, 2019

The Securities and Exchange Commission has barred James L. Beyersdorf, founder and sole owner of Financial Sherpa Inc., a state-registered investment adviser in Angels Camp, Calif., for cherry-picking options trades in client accounts and pocketing...

Finra fines former Morgan Stanley rep for impersonating a client

August 20, 2019

The Financial Industry Regulatory Authority Inc. has fined former Morgan Stanley broker John Tillotson $5,000 and suspended him for 15 days for impersonating five clients in five phone calls to a mutual fund company so that he could transfer...

Finra bars no-show former Vanguard rep in communications inquiry

August 20, 2019

The Financial Industry Regulatory Authority Inc. has barred former Vanguard representative Gregory John Braccili for failing to take part in a Finra investigation of his activities at the firm. [More:​ Finra bars no-show former Cetera rep]...

Kestra Financial's new rollup lands its first RIA

August 20, 2019

Bluespring Wealth Partners, an RIA rollup firm launched by independent broker-dealer Kestra Financial Inc. just last month, has acquired its first firm. Hickory Asset Management Inc. of Concord, Ohio, which has $152.6 million in client assets,...

Makeover at Wells Fargo Advisors well-received

August 20, 2019

Wells Fargo Advisors continued a reorganization of its wealth management business, cutting about a dozen market manager positions last week. And for some, it couldn't have come sooner. "Wells Fargo Advisors has been top heavy with management...

As Wells Fargo seeks CEO, toll on stock hits $24 billion

August 20, 2019

At Wells Fargo's town hall meetings, executives have fielded countless questions from employees about efforts to resolve scandals that erupted almost three years ago. One looming topic hasn't come up recently: Who will run the bank? While the...

Cost to play bigger role in investment recommendations

August 19, 2019

Cost will soon play a more important role in the investment recommendations brokers make to clients. The Securities and Exchange Commission, as part of its recent overhaul of investment-advice standards for brokers and financial advisers, explicitly...

The road to independence: Attracting and retaining clients

August 19, 2019

After 15 years with one wirehouse and five years at another, Don Garman wrote a seven-figure check to release himself from an employment contract so he could start his own Registered Investment Advisor (RIA) firm, Mirador Capital Partners, in...

Ex-broker in South Florida pleads guilty in Castleberry Financial fraud case

August 19, 2019

A one-time South Florida broker with 15 years of experience in the securities industry pleaded guilty for his role in a $3.6 million investment scheme called Castleberry Financial Services. The former broker, Scott P. Strochak, 58, had worked...

Bitter legal fracas brewing between top executives at Indiana broker-dealer

August 16, 2019

The former CEO of David A. Noyes & Co., an Indiana broker-dealer that was sold last year, was fired last month for alleged concerns over the firm's compliance and supervision. Mark W. Damer was CEO of David A. Noyes until the end of last year...

Broker barred for excessive trading that cost clients $1.8 million

August 16, 2019

The brokerage industry's regulator has barred broker Gregory T. Dean from the industry for excessively trading customer accounts, which led to $1.8 million in losses for clients but generated hefty commissions for him. Mr. Dean, formerly registered...

What's a disruptive force that no one is talking about?

August 15, 2019

Doug Besso, chief technology officer, HighTower “Using machine learning and artificial intelligence to create the augmented adviser, and really the augmented client, experience.” Cheryl Nash, president - investment services, Fiserv “I...

New SEC videos aim to help investors identify brokers vs. investment advisers

August 15, 2019

Investors trying to decide whether to hire a broker or an investment adviser can now turn to the Securities and Exchange Commission's website, where the agency posted videos on Thursday designed to highlight the differences between them. The...

Atlanta firm alerts authorities about big loss on 'unauthorized' trades

August 15, 2019

IFS Securities, an Atlanta-based broker-dealer, said it suffered "substantial losses" because of what it called unauthorized transactions made by one of its highest-ranking employees, prompting the company to alert federal regulators. The firm...

Finra fines, suspends ex-Cetera broker for Woodbridge-related transactions

August 15, 2019

The Financial Industry Regulatory Authority Inc. has fined former Cetera broker Roger Owens $10,000 and suspended him from the securities industry for a year for engaging in private securities transactions without Cetera's knowledge or approval....

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